Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which of the following statements about the Federal Deposit Insurance Corporation (FDIC) is true?

The FDIC is a private corporation owned by major U.S. banks.

The FDIC insures deposits at most commercial banks up to a specified limit per depositor.

The FDIC guarantees unlimited insurance coverage for all depositors.

The FDIC was created to regulate the stock market.

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Verified step by step guidance

Step 1: Understand the role of the Federal Deposit Insurance Corporation (FDIC). The FDIC is a government agency established in 1933 to protect depositors and maintain public confidence in the banking system.

Step 2: Clarify the FDIC's primary function. The FDIC insures deposits at most commercial banks and savings institutions up to a specified limit per depositor, which is currently $250,000 per depositor, per insured bank, for each account ownership category.

Step 3: Eliminate incorrect statements. The FDIC is not a private corporation owned by major U.S. banks; it is a government entity. It does not guarantee unlimited insurance coverage for all depositors, as there is a specific limit. Additionally, the FDIC was not created to regulate the stock market; its focus is on the banking system.

Step 4: Identify the correct statement. Based on the FDIC's role and functions, the correct statement is: 'The FDIC insures deposits at most commercial banks up to a specified limit per depositor.'

Step 5: Review the importance of FDIC insurance. FDIC insurance provides financial security to depositors by protecting their funds in the event of a bank failure, thereby promoting stability in the financial system.